A Sentosa Cove bungalow located at Ocean Drive was transacted at $32.5 million setting a new benchmark in per square foot basis at $3,214 psf sited on a land area of 10,111 sq ft. Foreigners are only allowed to purchase landed properties located in Sentosa Cove which bear a 99-year leasehold tenure.
In 2010, a Sentosa Cove bungalow sited on a 9,336 sq ft land was sold for $28.2 million which works out to $2,989 psf which is just a few doors away from this bungalow which was the previous price benchmark.
In Q3 2012, the landed property sector has maintained the bullish price trend which achieved a 1.1% gain as compared to the 0.6% price gain for the overall residential market.
The price breakdown for the landed property sector during this quarter is as follows :
- +2.0% for Detached landed property which leapfrog from the -0.4% decline in Q2 2012.
- +0.6% for Semi-detached property.
- +0.8% for Terrace houses.
Evidently, the landed property sector has achieved robust demand due to its limited supply.
In terms of transaction volume, Serangoon area achieved the highest volume with 156 houses sold as compared to 117 houses in Q2 2012 which is a gain of 33% quarter over quarter.
30 Oct 2012